Interpublic Group profit falls 56%

SteveGelsi

NEW YORK (MarketWatch) -- Interpublic Gruop of Companies Inc.
IPG, -1.21%
said Wednesday its third-quarter profit dropped to $17.2 million, or 3 cents a share, from $38.7 million, or 8 cents a share in the year-ago period. Revenue dropped 18% to $1.43 billion. Wall Street analysts expected earnings of 2 cents a share on revenue of $1.43 billion, according to a survey by FactSet Research. "During the quarter, the economic downturn continued to weigh on our results," the company said. "Once again, we demonstrated the ability to effectively manage costs in order to protect margins. Our professional offerings remain competitive, as evident in recent wins from a broad cross-section of our agencies in a new business environment that has become more active of late."

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